Instacart initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan initiated coverage of Instacart with an Overweight rating and $45 price target. Even as competition has grown rapidly over the last four to six quarters, Instacart remains a leading player in the online grocery space, the analyst tells investors. Shares have been rangebound around the mid-30s levels over the last six months, but the fundamental outlook for Instacart is “healthy,” the analyst added.